Annual Report 2009 on Form 20-F (PDF) - Deutsche Bank Annual ...

The following table shows the period-end, average, high and low noon buying rates for the euro. In each
case, the period-end rate is the noon buying rate announced on the last business day of the period.
in U.S.$ per € Period-end Average 1 2010
High Low
March (through March 9) 1.3557 – 1.3668 1.3525
February 1.3570 – 1.3984 1.3489
January
<strong>2009</strong>
1.3966 – 1.4563 1.3966
December 1.4406 – 1.5120 1.4276
November 1.5023 – 1.5083 1.4658
October 1.4800 – 1.5020 1.4537
September 1.4643 – 1.4783 1.4220
<strong>2009</strong> 1.4406 1.3963 1.5120 1.2555
2008 1.3919 1.4695 1.6010 1.2446
2007 1.4603 1.3797 1.4862 1.2904
2006 1.3197 1.2661 1.3327 1.1860
2005 1.1842 1.2400 1.3476 1.1667
1 We calculated the average rates for each year using the average of the noon buying rates on the last business day of each month during the year. We
did not calculate average exchange rates within months.
On March 9, 2010, the noon buying rate was U.S.$ 1.3557 per euro.
Long-term Credit Ratings
We believe that maintaining a strong credit quality is a key part of the value we offer to our clients, bondholders
and shareholders. Below are our long-term credit ratings, which were not changed in <strong>2009</strong>. On January
16, <strong>2009</strong>, Fitch Ratings placed our long-term credit rating on rating watch negative, citing concern over
our underlying profitability in a depressed market environment. The rating watch negative was removed on
July 29, <strong>2009</strong> and the AA– rating was confirmed with a negative outlook attached to it as Fitch Ratings
expected the global operating environment for banks to remain difficult well into 2010. On March 4, 2010,
Moody’s Investors Service lowered our long-term rating from Aa1 to Aa3 (with outlook stable), citing our
substantial reliance on capital market activities and the ensuing risk management challenges, the perceived
delay in the acquisition of a majority holding in Deutsche Postbank AG and volatility of our non-investment
banking businesses.
Dec 31, <strong>2009</strong> Dec 31, 2008 Dec 31, 2007
Moody’s Investors Service, New York1 Aa1 Aa1 Aa1
Standard & Poor’s, New York2 A+ A+ AA
Fitch Ratings, New York 3 AA– AA– AA–
1 Moody’s defines the Aa1 rating as denoting bonds that are judged to be high quality by all standards. Moody’s rates Aa bonds lower than the best bonds
(which it rates Aaa) because margins of protection may not be as large as in Aaa securities or fluctuation of protective elements may be of greater amplitude
or there may be other elements present which make the long-term risk appear somewhat greater than Aaa securities. The numerical modifier 1 indicates
that Moody’s ranks the obligation in the upper end of the Aa category.
2 Standard and Poor’s defines its A rating as somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions
than obligations in higher-rated categories. However, the obligor’s capacity to meet its financial commitment on the obligation is still strong.
3 Fitch Ratings defines its AA rating as very high credit quality. Fitch Ratings uses the AA rating to denote a very low expectation of credit risk. According
to Fitch Ratings, AA-ratings indicate very strong capacity for timely payment of financial commitments. This capacity is not significantly vulnerable to
foreseeable events. Category AA is Fitch Ratings second-highest rating category; the minus indicates a ranking in the lower end of the AA category.
Other than the downgrade by Moody’s Investors Service mentioned above, as of the date of this document,
there has been no change in any of the above ratings.
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